After the market’s regulator DFSA suspended trading in share of Depa Limited until further notice, where it seeks clarification on the composition of the board of directors at the interior design firm, trading went normal at the Middle East’s only international market. DP World, the third biggest port operator jumped 2.05 per cent on Tuesday, August 26.
The FTSE NASDAQ Dubai UAE 20 Index closed 0.60 per cent higher at 4,504.93 points on Tuesday, from the previous close.
Since Monday, trading in Depa as been suspended until further notice by the DFSA. As 50 per cent of Depa’s board are Arabtec executives, Depa revealed yesterday that the suspension in trading in its shares was due to “technicalities concerning the composition of the board and its committees that are not aligned with the corporate governance principles set out in the DFSA’s markets rules”. Earlier in the day, Depa added that it appointed Eng. El Sayed Zakaria Mohamed Ibrahim as an interim board member.